LIC Jeevan Labh – Limited Premium Paying Term

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LIC Jeevan Labh is a reduced premium paying term, non-linked, with-profits endowment scheme which offers a blend of protection and savings. This plan offers financial support for the family members in case of unfortunate passing away of the insurance policy holder any time prior to maturity and a lump sum sum is payable to the policy holder at the time of maturity for the surviving.

Jeevan Labh Plan Features

  • Ideal for Savings & protection
  • Moderate Premiums
  • Limited Premium Payment
  • Multiple premium payment frequency to choose from
  • Premium Discount is available for higher Sum Assured
  • Life Cover to the extent of Basic Sum Assured + Bonus + Final Additional Bonus (As applicable)
  • Accident Death & Disability Benefit
  • Term Rider option is available
  • Life cover will start immediately after the policy start date
  • Maturity benefit: Sum Assured + Bonus + Final Additional Bonus (as applicable) will be paid at the end of policy term
  • Loan is Available any time after 3 full years premium payment
  • Policy can be back dated within the same financial year to match your need
  • Premium Paid is TAX EXEMPTED u/s 80 C.
  • All returns from the policy are TAX FREE u/s 10 (10)(D)
  • Free lookup period for 15 days
  • Rider option is available

Eligibility Conditions

Particulars Min Max
Age   8 59
Policy Term 16 Yrs 25 Yrs
Sum Assured Rs. 2 Lakh No Limit
Premium Mode Yly, Hly, Qly,
Mly, SSS
limited premium life insurance

Benefit illustration

Illustration specially prepared for Mr. Saurabh  (age 28 years)
Benefits Illustration LIC Jeevan Labh Plan 
Sum Assured Rs. 5,00,000
Term 25 years
Premium Mr. Saurabh’s Yearly premium under this policy is Rs. 23,560. In 16 years you will pay a total of Rs. 3,70,780.
LIC Jeevan Labh Maturity Benefits: A total of Rs.13,50,000 (estimated) can be expected through the term of this policy
Life Cover In this policy his life cover will start at Rs. 5,25,000. By virtue of bonus getting added every year, his risk cover will grow to Rs. 13,50,000 when his age will be 53.
Liquidity Mr Saurabh has an option to surrender the policy & receive the cash value after payment of premiums for 3 years. Alternately, he can even avail of loan on this policy once the policy has acquired cash value. The current prevailing rate of loan is 10 % p.a.

imp-note

limited premium lic plan

Important Note:

  • Income Tax: Sec. 80C Limit Available: 1,50,000. Tax Savings on premiums will be @ 30.90 % u/s 80C
  • Projections: Bonus: Last declared reversionary bonus of similar plan (Plan No. 830) has been considered for the purpose of projected Riskcover and Returns.
  • Jeevan Labh Terminal Bonus: Last declared terminal bonus of their respective matching discontinued plans has also been considered.
  • The above mentioned illustration is depending on specific presumptions which are likely to change based on Government/Corporation’s policies.
  • The figures shown are in Indian Rupees.
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